How to price paintings / Artwork

 How to price artwork? It is a question that even art dealers and art appraisers have to deal with continually. From experience I find that artists are not the best people to price their artwork. However, artists have their sayings to deiced for which price can let go or not, but they may under or over price the artwork and miss out on many good opportunities either way. Artists definitely need art appraisers, art historians or a dealers with long experience. For the fun of it, an artist might try to request from an art appraiser to price one of his/her artwork. Art appraisers charge by hour and look into many ways in order to come up with the right price for you. When appraising an art work, they look for the artist's history, awards, number of years invested in the art field, compare the quality of work with others artist in the market, as well dimensions of similar value and history. I believe that pricing artwork starts from the moment we think of an idea/subject, composition or searching, taking photographs, sketching, preparing the canvas. Also, the involved costs, art materials, time spent, studios cost, framing, insuring the artwork and travelling cost if applicable!

Here are different ways to price artwork in points form:

1- It is by hour? No, for the fact that an experienced artist might take short time in finishing a piece of art whereas inexperienced artist can take hours longer to achieve the same result. Alexandria shares her wisdom in "Pricing Your Work to Sell" http://www.artistcareertraining.com/classes-by-phone and her book "Pricing Your Work With Confidence" http://www.artbusinesslibrary.com/artist-money-matters

2- By dimension? No, for one inch or cm can takes much longer and needs more work, of certain style, that one inch/cm in another painting with different style.

3- By quality? Yes, the quality of work and number of layers, art materials have been used, all the treatments artwork requires.

4- By originality? Yes, the fresh original and creative idea and composition always have their uniqueness.

5- By awards and history of an artist? Yes, these definitely add much value to the sale price.

6- By subjects? Yes, all rare subjects that are presenting culture and history or will be as such in the future add more valuable than ordinary landscapes. As well artwork of known places are more valuable than simple scenery.

7- Price artwork according to what the market is willing to pay? No and yes for the fact that art market goes up and down. If an artist is desperate to sale his/her work at that moment, then it is the only option for them. Had they able to wait until they are well established, known and when the market is in its peak, then, it the right time to set the right price.
The suggestion is that an artist must not reduce prices at any circumstance specially during the financial crises, if artists can hold on their artwork without sale for a while.

Pricing artwork also depends on selecting a gallery/ representative as the following factors:

1- Reputation of a gallery/dealer: The higher the perception of the gallery owners is as experts, the higher the price will be charged.

2- Experiences of a gallery/dealer: kind of clients and the reputation of an art gallery has. As well, how a gallery will represent an artist.

3- The influential effect: How many times we all might have wondered about some art pieces were sold for incredible prices and with no explanation! If the value is about perception, than the perception of an "Influential" becomes exceptionally vital. Between artist and galleries owner who would become an "Influential" and whose opinion is indispensable!

4- The Location: Fair market value has much to do with the "Market Place," in other words - crags list will generate low values, local auctions and antique stores might price little more. So they sale it for much higher, but galleries often charge much higher prices than any of all those.

From the above, I believe that having the right art representative is very essential.

In addition, I would like to share this short story with you that happened few years ago. This might add some light when pricing artwork! One day, my heat thermostat got burned. I called a technician. In few minutes an old one was installed and I was charged $165. The cost included the use of his truck, gas and his time to come to my home. This thermostat, shortly, will get burned out again! After all, it was a very unique comment that the technician made, when he saw my walls were full of paintings, he said," So, you are the starving artist?"

Finally, I would remind you that art can be like an old bottle of wine, the older it gets the more valuable will have. So, whether you choose to hold on your artwork until the right time come to sale or sale it now and someone else will keep it longer.

Mona Youssef - Realist fine artist